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StoreDot to improve research, development and production of fast-charging EV batteries – with $80 million in funding

StoreDot will now begin improving its fast-charging EV battery technology after receiving new funding, worth $80 million. Led by VinFast, a Vietnamese automaker, the Israeli tech company was able to close its last funding round in 2022.

(Photo: Photo by EMMANUEL DUNAND/AFP via Getty Images)
The logo of Israeli startup StoreDot is displayed at the company’s headquarters in the Israeli coastal city of Herziliya on February 16, 2021. – Israeli ultra-fast charging specialists StoreDot have developed a first-generation lithium-ion battery that can rival the filling time of a standard car at the pump.

The giant EV battery developer has confirmed that the accumulated money will be used to improve and complete the mass production scale-up of its fast-charging batteries.

StoreDot also announced that the $80 million funding will go a long way toward R&D (research and development) of its zero-emission car batteries.

At press time, StoreDot’s batteries are already shipping to various car manufacturers for testing.

StoreDot is now improving its EV battery technology

According to TechCrunch’s latest report, StoreDot’s latest partnership with VinFast is massive, especially since the automaker is also working with BMW.

StoreDot to improve research, development and production of fast-charging EV batteries - with $80 million in funding

(Photo: Photo by Alex Wong/Getty Images)
The charging port of the new Chevy Bolt EV, an electric car with a range of 200 miles, priced at $30,000, and will go into production this year, is seen after a keynote at CES 2016 at the Westgate Las Vegas Resort & Casino on January 6, 2016 in Las Vegas, Nevada. CES, the world’s largest annual consumer technology show.

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The Vietnamese automaker is currently licensing and producing BMW-based vehicles. Besides this car developer, StoreDot was also able to receive assistance from Golden Energy Global Investment for its Series D funding round.

“This round of strategic funding, with lead investors from leading automotive, energy and technology companies, is a huge vote of confidence in StoreDot,” said StoreDot CEO Dr. Doron Myersdorf. .

Meanwhile, the Israeli tech giant has also secured new collaborations with TDK, EVE Energy, as well as Daimler and Samsung. These new partnerships are expected to further enhance StoreDot’s new lithium-ion cell design for years to come.

Other EV Battery Improvements

Besides StoreDot, S&P Global Platts reported that Veolia is also making efforts to improve its own EV battery business.

Based on the company spokesperson’s statement, Veolia is currently building a new electric vehicle battery recycling plant in the UK, specifically in the West Midlands.

Once this new plant is completed, approximately 1,000 tons per year of electric car batteries should be processed by 2024.

In other news, AGC and EyeLights have collaborated to create a new AR Windshield. Meanwhile, Elon Musk has claimed that Tesla Model S is one of his best electric vehicle models.

For more news on EV batteries and other automotive technologies, always keep your tabs open here on TechTimes.

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Written by: Griffin Davis

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